andAnalysis(财务报表分析,台湾中兴大学)

2CHAPTERFinancialReportingandAnalysisMcGraw-Hill/Irwin©2004TheMcGraw-HillCompanies,Inc.,AllRightsReserved.FinancialReportingEnvironmentRegulatorsFASBAICPAIndustryPracticesGAAPEnforcementandMonitoringMechanismsSECCorporateGovernanceManagersAuditorsStatutoryFinancialReports(FinancialStatements)AlternativeInformationSourcesEconomyandIndustryInformationVoluntaryDisclosureUsersAnalystsInvestorsandCreditorsOtherUsersLitigationForm10-K(AnnualReport)10-Q(QuarterlyReport)OtherSECFilings14-A(ProxyStatement/Prospectus)StatutoryFinancialReports8-K(CurrentReport)20-F(RegistrationStatement/AnnualReport[Foreign])EarningsAnnouncementsKeysummarymeasures(pre-audit)OftenonetosixweeklagInformativetomarketLackssupportingfinancialdetailsEnvironmentalFactorsGAAPGenerallyAcceptedAccountingPrinciplesLevelI(Mostauthoritative)LevelIILevelIIILevelIV(Leastauthoritative)FASBStandardsandInterpretationsAPBOpinionsAICPA(CAP)AccountingResearchBulletinsFASBTechnicalBulletinsAICPAIndustryAudit&AccountingGuidelinesAICPAStatementofPositionAICPAPracticeBulletinsFASBEmergingIssuesTaskForceFASBImplementationGuidesAICPAInterpretationsRecognizedandWidelyUsedIndustryPracticesEnvironmentalFactorsFinancialAccountingStandardsBoardGenerallyAcceptedAccountingPrinciplesProvideinputtoHelpsetSecuritiesandExchangeCommissionUnionsInvestorsAccountantsPoliticiansLendersOthersAICPAEnvironmentalFactorsSecuritiesandExchangeCommission(SEC)Independent,quasi-judicialgovernmentagencyAdministersecuritiesregulations&disclosuresCanmodify&setGAAP,ifnecessaryRarelydirectlychallengesFASBMajorplayeringlobalaccountingEnvironmentalFactorsInternationalAccountingStandards(IAS)SetbyInternationalAccountingStandardsBoardNotcurrentlyacceptedinU.S.SECunderpressuretoacceptIASEnvironmentalFactorsManagersofCompaniesSetbyInternationalAccountingStandardsBoardNotcurrentlyacceptedinU.S.SECunderpressuretoacceptIASMainresponsibilityforfair&accuratereportsAppliesaccountingtoreflectbusinessactivitiesManagerialdiscretionisnecessaryinaccountingMajorlobbyistonGAAPEnvironmentalFactorsAuditingSetbyInternationalAccountingStandardsBoardNotcurrentlyacceptedinU.S.SECunderpressuretoacceptIASSECrequiresAuditReportAuditopinioncanbe:-clean(fairlypresented)-qualified(exceptfor)-disclaimer(noopinion)CheckAuditorquality&independenceAuditorsEnvironmentalFactorsCorporateGovernanceSetbyInternationalAccountingStandardsBoardNotcurrentlyacceptedinU.S.SECunderpressuretoacceptIASBoardofdirectorsoversightAuditcommitteeoftheboard-overseeaccountingprocess-overseeinternalcontrol-overseainternal/externalauditInternalAuditorEnvironmentalFactorsInternalUsersExternalUsersManagersOfficersInternalAuditorsSalesManagersBudgetOfficersControllerLendersShareholdersGovernmentsLaborUnionsExternalAuditorsCustomersEnvironmentalFactorsCreditorsEquityInvestorsActive&SpeculativeInvestorsrelyonfinancialreportsSolvency&LiquidityanalysisreliesonfinancialreportsEnvironmentalFactorsVoluntaryDisclosureEconomic,Industry&CompanyNewsImpactscurrent&futurefinancialconditionandperformanceInformationIntermediariesIndustrydevotedtocollecting,processing,interpreting&disseminatingcompanyinformationIncludesanalysts,advisers,debtraters,buy-andsell-sideanalysts,andforecastersMajordeterminantofGAAPManyfactorsencouragevoluntarydisclosurebymanagersFinancialAccountingStewardship•Safeguardassets•Increaseequityvalue•ProtectcreditorsAccountability&PerformanceMeasurementInformationPerspective•Amount…of•Timingprospective•UncertaintynetcashinflowsPredictability&DecisionUsefulnessObjectivesHistoricalEmphasis(butstillimportant)ModernEmphasisFinancialAccountingHierarchyofAccountingQualitiesConstraintsUser-specificqualitiesPrimaryqualitiesIngredientsofprimaryqualitiesUnderstandabilityRelevanceReliabilityFeedbackvaluePredictivevalueComparabilityandconsistencyNeutralityVerifiabilitySecondaryqualitiesBenefitsCostsMaterialityUsersofaccountinginformationDecisionmakersandtheircharacteristicsDecisionusefulnessRepresentationalfaithfulnessTimelinessFinancialAccounting•DoubleEntry-dualityfromaccountingequation,A=L+E•HistoricalCost-fair&objectivevaluesfromarm’s-lengthtransactions•AccrualAccounting-recognizerevenueswhenearned,expenseswhenincurred•FullDisclosure-measureand/ordisclosematerialeventsandtransactions•Materiality-thresholdwheninformationimpactsdecisionmaking•Conservatism-reportingordisclosingtheleastoptimisticinformationaboutuncertaineventsandtransactionsImportantAccountingPrinciplesFASBFinancialAccountingRelevanceofAccountingNumbers0%20%40%60%80%100%65707580859095YearPercentofStockPriceExplainedBookValueEarningsCombinedRelationbetweenAccountingNumbersandStockPricesFinancialAccounting•Timeliness-periodicdisclosure,not•real-timebasis•Frequency-quarterlyandannually•ForwardLooking-limitedprospectiveinformationLimitationsofAccountingNumbersAccruals--TheCornerstoneNetIncome=AccrualsOperatingCashFlow+RevenueRecognition–recognizerevenueswhen(1)Earned(2)RealizedorRealizableExpenseMatching–matchwithcorrespondingrevenues-Productcosts-Periodcost